# The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Regulation 86: Section 418 (carrying on regulated activities in the United Kingdom)


(1) Section 418 (carrying on regulated activities in the United Kingdom) is amended as follows.
(2) In subsection (1), for the words before “described” substitute “In the cases”.
(3) Omit subsections (2) and (3).
(4) In subsection (5AA)—
(a) in paragraph (b)(i) and (ii), for “an EEA State” substitute “the United Kingdom”;
(b) in paragraph (d), for “the EEA” substitute “the United Kingdom”.
(5) In subsection (6), for the words before “it is irrelevant” substitute “For the purposes of the preceding subsections”.
(6) Omit subsection (7).
(7) For subsection (8) substitute—
“(8) For the purposes of this section, an AIF is “marketed” when—
(a) the person managing the AIF (“the AIFM”) makes a direct or indirect offering or placement of units or shares of the AIF to or with an investor domiciled or with a registered office in the United Kingdom, or
(b) another person makes such an offering or placement at the initiative of, or on behalf of, the AIFM.”.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111179970/regulation/86 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-86
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.